21.01.202614:44:41UTC+00TSX Rebounds on Wednesday

The S&P/TSX Composite Index increased by approximately 0.5%, surpassing the 32,900 threshold on Wednesday. This uptick followed a 1% decline in the previous session, as gains in the energy and gold mining sectors counterbalanced overall market weaknesses. Notably, Canada’s prominent oil companies, including Canadian Natural, Suncor, Imperial Oil, and Cenovus, saw their shares rise by between 1.3% and 3%. This was in response to stronger oil prices driven by temporary production stoppages in Kazakhstan. Additionally, stocks associated with gold outperformed, with Agnico Eagle and Franco-Nevada each climbing over 1%. This surge was spurred by increased geopolitical tensions linked to assertive U.S. political discourse, which propelled gold prices to new highs, benefiting mining stocks. In other developments, risk assets faced ongoing pressure on a global scale as the U.S. administration continued to urge European governments regarding Greenland. They renewed tariff threats that weighed heavily on investor sentiment. Meanwhile, Canadian banks mostly remained stable, consolidating following a decline in the previous session.